The power of real-time analytics in CRM is most notable when it is connected across an enterprise. Ritesh Gupta investigates

The role of CRM specialists came under scrutiny in 2013, especially with expectations around capitalising on data from all sorts of customer interaction. 

It also became imperative to apply analytics holistically and consistently, rather than focusing on aspects of CRM in isolation. The onus has been and will continue to be on CRM executives to improve on the whole CRM initiative, considering the prowess of big data.

Being ready 

Executives acknowledge that there is room for improvement. For instance, Kerstin Steinberg, global director e-commerce at Worldhotels, argues that hotel entities need to put in place tools in order to handle the entire range of data. Then, once all data has been synchronised into one database it needs to be analysed and used.

If one thinks of CRM specialists as encompassing a number of disciplines – technology, data, analytics, strategy – then there are different answers for different specialists.

Some CRM professionals focus on one or other area that’s purely complementary to big data capabilities. Those specialists will be reasonably positioned to offer point solutions that help companies make sense of and act on big data. Because big data is still largely a raw material, it requires expertise to marry it with the disciplines associated with CRM, and that’s where the CRM specialists come in.

Companies that are in a sound position to improve the whole CRM initiative are those that can harness technology but layer other capabilities around it. They use their big data prowess to create a full customer engagement solution. CRM-focused companies will be the ones that can help their clients really change the game. They can layer together expertise in infrastructure (including hardware, software, data, interfaces), customer strategy (based on deep analytics), financial management (including attribution), experience delivery (across touchpoints), and organisational structure.

Easier said than done

There are however challenges. At a foundational level, data quality continues to be a big problem. While many companies have invested heavily in this over the years and have made great strides there are other hurdles to overcome. These include:

·        Connecting data across silos, media and channels, applying analytics to make data actionable - and knowing what analytics and insights are most relevant

·        Creating the technology infrastructure to support optimised CRM – including data capture, hygiene, analytics, channel dimensions, attribution, and engagement. 

·        Knowing what to do with these learnings

·        Companies can mine all the data and analyse it all day long, but if they don’t have a structure and an engagement approach that supports their ability to actually apply the information when their customers engage, then that’s of no use.

Spotlight on the persona

As for how digital data specialists are looking to improve on operations within the travel industry, entities are analysing web bookings, web traffic, bookings through other channels, loyalty club data, and demographic data to generate a comprehensive segmentation and persona system. This system is now being utilised as the basis for outbound campaign efforts as well as informing interactions across all inbound channels.

As a specialist in this arena, Merkle has been developing personas which are mapped to millions of records in the existing customer database.  Inbound records are scored and bucketed into personas based on known or inferred information. The persona-based system is serving as the underlying analytic foundation for dynamic targeting and relevant trigger-based messaging at each touchpoint. Without the volume of information derived from multiple channels, segmentation would not have been nearly as robust and likely would not have held up from one channel to another. As a result, companies are looking at a more comprehensive, connected approach to data inflows and analytic insight, driving customer treatment and engagement strategies.

Making the most of real-time analytics

Real-time analytics can and should play an important role for travel companies as part of their CRM initiatives. 

In the travel industry in particular, where a variety of dynamic variables are at play all the time, having the real-time insights for proper decision-making is important. Let’s just use a hotel/resort company as an example. 

For instance, when a visitor accesses a site what can one do with real-time analytics?

·        Assess the inventory remaining for the properties the guest has perused

·        Consider whether the guest has been on the site before

·        If registered, one can evaluate:

o       Whether they are part of loyalty club and at what level (platinum, gold, etc.)

o       When the most recent stay was, and at which property

o       Frequency/types of stays

o       How the person booked a stay

o       Whether they are a regular traveller

o       What amenities and on-site property features might be meaningful

o       Income, interests, and household composition (from appended data)

With real-time analytics, information can be utilised to:

·        Optimise site content for the individual

·        Suggest alternative properties

·        Make recommendations for activities of my stay

·        Price and engage appropriately to maximise lifetime value

And this is just one example from one channel. The power of real-time analytics in CRM is most notable when it is connected across an enterprise so that outbound media and inbound/in-person channel touchpoints are all powered by insights, rather than guesswork.